Queue Point Residential Project: Mazaya on Schedule


22/06/2009 00:00 AST

Kuwait-based Al Mazaya Holding is still sticking to the payment collection process as stipulated in the sales and purchase agreement for its Queue Point residential project at Liwan in Dubailand despite the project being delayed by eight months, said a senior company executive.

“The payment collection process is running according to the schedule agreed upon in the contracts. Queue Point was scheduled for completion by September 2009 and is now delayed until May 2010,” Salwa Malhas, Executive Vice-President of Al Mazaya Holding, told Emirates Business.

Most of the real estate developers in Dubai have shifted to construction milestone payment plans after their projects got delayed.

Al Mazaya Chief Executive Officer Khalid Esbaitah said: “Delays in the handover of land, completion of infrastructure within the Liwan master development and hiring the right contractors for the project are the main reasons for the delay in the completion of Queue Point. However, now all the obstacles have been removed and we are on track to hand over the development by May 2010.”

A Tatweer spokesperson said: “We are only responsible for the development of infrastructure at Liwan City; the infrastructure works are progressing on schedule. All land plots have been handed over to the investors. We confirm all infrastructure is in line with the required development plans by the investors and developers.”

Last week some Queue Point investors told this newspaper that work had begun on only parts of the project, while most of the site remained undeveloped. “Construction has started only on some buildings but a lot of the project is yet to be developed,” said one investor who wished to remain anonymous. “In some places even the fencing has not been put in place. But the developer is constantly asking for payments. When we contacted the developer, it said we had a fixed payment plan and the payments had to be made. We have started paying, but we have been on the site and not a grain of sand has been moved.”

But Malhas said construction had started on all the buildings in the Queue Point project. “The payment collection process is running according to the schedule agreed upon in the contracts,” she said. “Usually the percentage of completion of a project is not measured by the completion on site, because there are many steps that need to take place before work commences on the site such as design, getting permits and mobilisation. These steps are considered part of the development process and must also be taken into account when considering the percentage completion of a project.

For more on this:

http://www.rootsland.com/real-estate/queue-point-residential-project-mazaya-on-schedule/

www.rootsland.com
Al-Mazaya Holding Co. - MAZAYA
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | News Archive
Most Viewed Companies
Ticker Price Volume
EEC 24.7 279,489
BKMB 0.44 529,503
QNBK 151 54,950
SABIC 95.25 1,809,547
RIBL 11.2 188,460
GFH 0.51 4,000
OTEL 1.51 78,027
Recent News

Listless trading on Muscat bourse
Amid dull trading activity, the MSM30 Index ended on flat note at 5,656.35 points, up by 0.03 per cent. The MSM Sharia Index closed at 854.23 points, up by 0.18 per cent. Galfar Engineering was the m

US stocks’ bull run seen extending into ’17
The US stock market’s bull run since 2009 will extend into 2017 if President-elect Donald Trump’s plans to stimulate the economy with infrastructure spending and financial deregulation come to pass,

Qatar-German trade reaches QR9.5bn in 2015
The Qatar-German Joint Economic and Trade Cooperation Committee concluded its 5th meeting yesterday in Doha. The Qatari side was chaired by the Minister of Economy and Commerce, H E Sheikh Ahmed bin

Sharjah rents down for second consecutive year
The rents in residential and commercial property markets across Sharjah have fallen for a second year in a row, increasing tenancy options in the northern emirate, according to real estate consultanc

Alba expecting strong finish for 2016
Aluminium Bahrain (Alba), one of the largest and modern aluminium smelters in the world, said it has been performing reasonably well in light of the market conditions and is expecting a strong finish

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?